What is the Penalty for Failing to Comply with GST?
Failure to comply with GST regulations can result in significant penalties and consequences for businesses. When entities fail to file GST returns on time, they can face severe penalties, including the attachment of their bank accounts. The penalty for non-compliance involves a daily fine of Rs. 100, along with an additional penalty of Rs. 200 for any delayed payments, with a maximum penalty cap of Rs. 5,000. GST In addition to these penalties, businesses are also liable to pay interest at a rate of 18% on the outstanding tax amount. This interest is calculated by the taxpayer on the tax amount that is due. Non-compliance with GST rules, as outlined in section 122 of the CGST Act, can lead to stringent penalties and legal consequences. To avoid such penalties and ensure smooth compliance with GST regulations, businesses can benefit from services offered by StartupFino. These services include assistance with online application submission on the GST portal, guidance on the necessar...